Despite glowing words for International Financial Reporting Standards, Securities and Exchange Commission Chairman Christopher Cox seems no closer to pulling the trigger on U.S. conversion.
A word of advice to those holding their breaths until the Securities and Exchange Commission issues a deadline for U.S. companies to convert from the use of generally accepted accounting principles to international financial reporting standards: exhale.
To judge from the views expressed on Tuesday by SEC Chairman Christopher Cox and other participants in a roundtable held by the commission to assess how well IFRS has performed in the current financial crisis, the possibility of the SEC making such announcement in the next week or so—as many have been expecting—seems remote.
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A catchword of late is that it's no longer a matter of "if" U.S. regulators will adopt IFRS; it's a matter of when. Speaking at a press conference immediately preceding the roundtable, Cox said, however, "that the question we're now asking ourselves is, how does [a conversion to a single set of accounting standards] fit in over the longer term, and will U.S. companies ultimately be using IFRS instead of U.S. GAAP?"
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